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  • 10.20.16

Report: The blockchain platform being developed by the world’s biggest banks will be open-source

The Corda blockchain platform that is being developed by a consortium of more than 70 banks, insurance companies, and fund managers will be open-source with its code publicly available, reports Reuters. The code for the platform, which was created especially to handle complex transactions and the processing of securities and payments, will be added to the Hyperledger Project, a nonprofit project to advance blockchain technology, on November 30.

“We want other banks and other parties to innovate with products that sit on top of the platform, but we don’t want everyone to create their own platform . . . because we’ll end up with lots of islands that can’t talk to each other,” James Carlyle, the chief engineer for R3, the tech firm that brought together the consortium, told Reuters. “If we have one platform with lots of products on top, then we get something that’s more like the internet, where we still get innovation but we can still communicate with each other.”MB